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markaspden
Joined: 16 May 2006
Posts: 4
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| Posted: Mon Dec 24, 2007 1:07 am Post subject: Help Needed |
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Okay i have a load of questions.
I own a house and pay $970 a month which include tax and insurance.
Okay i want to move and rent my house if i rent for $1000 how much of that income can i use to qualify for a new house.
Next my score is 720 but my wife is around 520 our joint income is $70,000 per year. What can i qualify for and can we get a loan with the bad credit.
Mosy of my wifes credit is old and the report says some of the bad ones will be removed next year will this make her score go up |
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uptight mortgage guy
Joined: 23 Nov 2007
Posts: 30
Location: WV
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| Posted: Mon Dec 24, 2007 3:05 pm Post subject: |
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Normally 3/4 of rental income will be included. So in your case, $750. Rental agreement ( Lease ) will be needed.
If that does not cover your current mortgage, you will be at a loss.
Consider an FHA loan if your current loan is not already FHA. With your wifes debt being old and assuming she has reestablished over the last 12 months, you should be ok.
I am just speaking on my lender guidelines, other lenders and brokers will have other options. |
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Jason Hall
Joined: 07 May 2008
Posts: 10
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| Posted: Thu May 08, 2008 9:47 pm Post subject: |
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| Mr. Aspden were you able to move and obtain another property? |
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